LERC/LERG CONFIDENTIAL

MSIP Technology Update

LERG - Cost-Effective Chemical Synthesis for a Greener Tomorrow

February 20th 2020

Low Emissions Resources Corp

Low Emissions Resources Global LTD1

Who We Are

Cost-Effective Chemical Synthesis for a Greener Tomorrow

• LERC is developing groundbreaking, patented, proprietary technology using ionically-

conducting ceramic materials that facilitate clean, cost-effective synthesis of a variety of

essential chemicals and compounds, including hydrogen and ammonia.

• Our SOEC system has preliminarily shown itself to be capable of producing commercially

viable amounts of high-purity hydrogen using a proton-conducting ceramic (PCC)

membrane (P-SOEC), which allows hydrogen ions to be transported from one side of the

membrane to the other at intermediate temperatures and ambient pressure.

• We favor P-SOEC-based electrolysis over oxygen ion conducting-based electrolysis: Ability

to produce pure hydrogen and the balance of plant is simpler and has a lower cost to

design and build.

• LERC, via its operating subsidiary Low Emissions Resources Global Ltd. (LERG), is located in

Dundee, Scotland. At our Dundee location we have a fully-equipped high-tech, protonic-

conducting ceramics laboratory and testing facility.

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AMMONIA

$50bnCURRENTMARKET SIZE

HYDROGEN FUEL CELL

5.9%CAGR

$127bnCURRENTMARKET SIZE

5.8%CAGR

$6bnCURRENT MARKET SIZE

20.9%CAGR

Across the ammonia, hydrogen and fuel cell universe, LERC’s technology represents a rapidly-growing $183bn market.

H2

$71bnPROJECTEDBY 2025

$177bnPROJECTEDBY 2025

$18bnPROJECTEDBY 2025

© LERC/LERG 2020. Proprietary and confidential. All rights reserved.

MARKET SIZE AND GROWTH

Markets We Serve

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Our Approach to the Solution

Great Materials Science:

LERG’s proton conducting ceramic material, catalysts, and processes enable energy efficient H2 production through high temperature steam electrolysis.

< 45 kWh/kg achieved on single

tube/cell in our test reactor.

Pilot Reactors for Optimization

Reacting flow and thermal modeling of electrolysis tubes and stacks ensure stable reactor designs.

Commercially Scalable Design

Modular stack design grows with customers’ H2 demand.

H+

ANODE ELECTROLYTE CATHODE

PURE

HYDROGEN

(H2)H+

STEAM

(H2O)

OXYGEN (O2) +

STEAM (H2O)

ePOWER INPUT+ _

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State of the Art R&D Facility

Simultaneous Thermal

Analyzer (STA) DilatometerBET Surface Area and

Pore Size Analyzer

Mastersizer

Particle Size AnalyzerRheometer &

Zetasizer

Gas Chromatography

& Mass Spectroscopy

GC – Thermal

Conductivity

Detector SEM

Button Cell

Testing

Optical MS

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In House Production Capabilities

Our team has designed and implemented an in house, quick turn R&D process that lends itself to rapid process and technology

improvements.

Extrusion SinteringDip

CoatingTest

ReactorsBraze &

Interconnect

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Our Team

LERG consists of a close knit team with various areas of

expertise that compliment the development of our

technology.

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Research Staff and Primary Area of Focus

Cathode Support & Single Layer Anode:

Dr. Hwan Kim studied solid state electrochemistry with a focus on Sold Oxide Fuel Cells. PhD from Postech University in Korea.

Slurry Formulation and EIS Modeling:

Dr. Berceste Beyribey Price BSc MSc MRSC. She has a PhD in Chemical Engineering from the Yildiz Technical University. The tittle of the PhD thesis is “Advanced Electrode/Electrolyte Materials for Low and Intermediate Temperature Solid Oxide Fuel Cells” and part of the research was completed in the DTU Energy and supervised by Professor Mogens Mogensen. She has also completed a post doctoral research on fuel cell materials in Professor John Irvine’s group at the University of St Andrews.

LERG’s Technology Leader:

Mr. Joshua Persky holds a B.S in glass/ceramic engineering from the New York State College of Ceramics at Alfred University. He holds multiple patents in the ceramics field. Joshua is a C-Level Executive and Board Member of LERG.

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Research Staff and Primary Area of Focus

Brazing, Interconnects & Test Infrastructure:

Dr. George Carins MEng PhD is a Mechanical Engineer with a PhD in Chemistry from University of St Andrews. George leads the way in research of the reactor environment in which our cells operate.

Catalyst Development and Vectoring:

Dr. Alberto Olivo has a PhD in Chemistry (Doctor Europaeus label) from Ca’ Foscari University of Venice and University of Trieste, Italy, with a thesis on catalysts development for CO2 photo reduction. His work is focused on the synthesis of innovative catalysts, their characterization and targeted vectoring within SOECs.

Lead Scientist – overall cell development:

Dr. Zac Dehaney-Steven has a PhD from the University of St Andrews on solid oxide Oxygen Transport Membranes. He also has industrial experience in Solid Oxide Fuel Cell development.

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Research Staff and Primary Area of Focus

Laboratory Technical Leader:

Dr Gavin Peters has a PhD in Chemistry from University of Strathclyde in Glasgow. Focusing on lab management, chemical and physical analysis, cell production, cell testing and post test cell analysis.

Extrusion, Cell Coating & COSHH Mgmt.:

John Bayne has a HND – Applied ChemistryHNC – Applied Sciences. John brings several years preproduction and lab experience to our team.

Lab Analytics and Quality by Design Program:

Samantha Taylor has a BSc Hons in Pharmaceutical Chemistry from the University of Dundee. Sam has over 8 years industry experience as an analytical chemist.

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World Class Partnerships

We have partnered with leaders in Ceramics, Electrochemical

R&D, Plant Design and Fuel Cell Research

Fundamental Material R&D and Production Scalability

Reactor and Balance of Plant Engineering and Fabrication

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2020 Targeted Accomplishments

• Linear 5 cell module

• Operating in a furnace with lab BOP

• Better than 45 kW*hrs/kg at 1000hrs.

Extrapolated from 250 hrs

• ~15 inch tubes ~0.625” OD

• Proven Cell Cycling

• Brazed caps and seals

• Verification tests to start April 2020

• Test to reach repeatability target

• 25-50 cell stack operating at partner site

• Completely self-contained micro-plant

(40’ container)

• 3-4 months lead time after completion of

Q2 Goal

Q2 Goal Q4 –Q1 Goal

✓ Engineering design/redesign

✓ Additional materials procurement

✓ Fabrication

✓ Commissioning

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▪Proprietary and confidential | All rights reserved | © LERC 2019.

This is a new and exciting market opportunity. LERG’s technology will turn excess power

into green energy storage, which can be converted into power for propulsion, heat, air

conditioning, etc.

© LERC/LERG 2020. Proprietary and confidential. All rights reserved.

LERG’S TECHNOLOGY WILL ENABLE CONVERSION, STORAGE AND

DISTRIBUTION OF CLEAN ENERGY

▪SOLAR

▪WIND

▪HYDRO

▪RETURN TO POWER

▪FUEL CELLS

▪HYDROGEN &

AMMONIA

SYNTHESIS

▪INDUSTRIAL CHEMICALS

Forward Vision

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Questions & Comments

We can be reached via the contact

page of our website

https://www.lercorp.com